BioDirt's Summer Recap

In this issue, I share some interesting lab availabilities (including part of the Doheny Eye Institute!), recap some real estate transaction highlights, share some funding news, and a whole lot more.

Enjoy!

FEATURED AVAILABLE LAB SPACE

150 N Orange Grove Blvd, Pasadena, CA

Psst… A portion of the world-class Doheny Eye Institute building will be on the market soon.

The details are being worked out, but about 15 - 20,000 square feet of built out, move-in ready wet lab and office will be available. The monthly asking rent is $5.50 per RSF, NNN.

Even in this market, I expect this space to lease in a matter of months, so if you’re interested, reach out to me today by replying to this email.

Doheny Eye Institute bought the building in 2017 for approximately $50 million. The 1981-built property served as the headquarters of label manufacturer Avery Dennison Corp. until the corporate giant moved to a new office in Glendale in 2014.

The city is a destination of choice for companies working in the biomedical, innovation, and hospitality fields. Huntington Medical Research Institutes, the Kaiser Permanente School of Medicine, and the Shriners for Children Medical Center have made substantial investments in new facilities in Pasadena.

Here are a few more pics of the lab space.

11061-11079 W Pico Blvd, Los Angeles, CA

Located at Pico and Sepulveda, Hydrogen 1 will be the first ground-up, purpose-built life science building in the Los Angeles region. This state-of-the-art and highly accessible building is expected to be delivered in the 3rd quarter of 2025. Build-to-suit opportunities are available.

If you’re interested in learning more, respond to this email.

145 N Altadena, Pasadena, CA

This 3,500 square foot turn-key lab space sublease comes with furniture and equipment. The term and rental rate are negotiable.

Some other features and capabilities include:

• Bumping/Packaging Tooling Capability (Die Level 200mm)

• Passivation & Planarization (Spin/Spray Coat, PECVD, Vapor Phase)

• Conventional & ebeam Patterning

• Sputter & Evaporation Metallization

• Low & High Temp Reflow

• Wafer & Hybrid Bonding

• Wet & Dry Surface Cleans/ Activations

• Plasma Etching

• Polishing

If you’re interested in learning more, respond to this email.

RECENT REAL ESTATE HIGHLIGHTS

The Instil Bio-FUJIFILM Diosynth Biotechnologies deal in Thousand Oaks is dead. This means Instil’s 47,000 square foot sublease at 1535 Rancho Conejo Blvd (HATCHspaces) is back on the market and with a reduced asking rent: $2.50/SF, NNN. As we’ve said before, the market is still “slow” for bio leasing. (source: Me!)

CryoFuture leased space at 107 Sierra St, El Segundo, CA 90245. The relatively small Smokey Hollow warehouse space was on the market for approximately seven months at a monthly asking rent of $2.25 per RSF, Industrial Gross. This is an expansion from its San Mateo facility. CryoFuture is a network of tech-enabled cryostorage biorepository facilities setting the gold standard for safety and security for frozen biological specimens. Scaling rapidly nationwide, their facilities provide LOCAL storage with secure transportation. (source: Me!)

FUNDING HIGHLIGHTS

Westlake Village BioPartners LLC, a venture capital firm incubating biotechnology companies, closed its third fund over the summer with an oversubscribed $450 million ready to deploy. The firm has raised $1.3 billion in total since its founding in 2018, an amount Westlake says is more than any other biotech firm in the greater Los Angeles area. (source: San Fernando Valley Business Journal)

The Lundquist Institute at Harbor-UCLA Medical Center in West Carson has snagged a major federal grant to study the causes of antibiotic-resistant infections. The institute announced last month that one of its principal investigators, Michael Yeaman, was awarded an $11.5 million grant from the National Institute of Allergy and Infectious Diseases. The grant is for work to decode patterns of the human immune system and microbial pathogens that result in infections that are not cleared by antibiotics. The hope is that this research will lead to new ways to predict individuals at risk of such persistent infections and then explore the best antibiotic regimens for cures. (source: Los Angeles Business Journal)

SpyGlass Pharma, $90M: Aliso Viejo, California-based SpyGlass Pharma locked up a $90 million Series C led by RA Capital Management. The ophthalmic therapeutics company has developed a system that helps deliver medical therapy to address glaucoma management as well as other chronic ophthalmic diseases when implanted at the time of cataract surgery. Founded in 2019, the firm has raised nearly $110 million, according to Crunchbase data. (source: Crunchbase)

ADARx Pharmaceuticals, $200M: San Diego-based ADARx Pharmaceuticals, a clinical-stage startup developing next-generation RNA therapeutics, locked up a $200 million Series C led jointly by Bain Capital Life Sciences and TCG Crossover. The 4-year-old firm has developed RNA platforms and tech for editing target mRNA and is developing therapeutics for treating genetic, cardiovascular, central nervous system, and other types of disease. Founded in 2019, the company has raised $332 million, per Crunchbase. (source: Crunchbase)

Tentarix Biotherapeutics, $35M: San Diego-based biotech startup Tentarix Biotherapeutics raised a $35 million Series B led by Amplitude Venture Capital. Founded in 2020, the company has raised $85 million, per Crunchbase. (source: Crunchbase)

WHAT I’M CONSUMING (AND ENJOYING!)

🎙 In Matt Pilar’s podcast, Business of Biotech, he interviews leaders of emerging biopharma firms like Recursion, Horizon Therapeutics, and Orca Bio. Check it out on your next commute into the office!

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That’s a wrap for this issue. If you want me to look into something or have some ideas for the newsletter, reach out, and I’ll get right back to you.

And, as always, we're here to help you with your real estate needs.

Ted Simpson
Founder and CEO
Commercial Real Estate Advisors
(c) +1 310.384.6512
(e) [email protected]
CA DRE License #01097189